Deutsche Beteiligungs (DBAN) AI Stock Analysis

• Market Cap: €460.72M
• Dividend Yield: 4.99%
• Average Volume (3M): 17.57K
• Price to Earnings (P/E): 6.9
• Beta (1Y): 0.73
• Revenue Growth: -17.47%
• EPS Growth: 76.28%
• Country: DE
• Employees: 97
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.92
• Shares Outstanding: 18,804,993
• 10 Day Avg. Volume: 10,242
• 30 Day Avg. Volume: 17,568
• PEG Ratio: -0.35
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 12.14
• P/FCF Ratio: -21.47
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €34.53
• Price Target Upside: 40.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 1.96
• Revenue Forecast (FY): €82.90M

• Rating: 60 Neutral
• Price Target: €27.00 ▲(10.20% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is supported most by attractive valuation (low P/E and strong dividend yield) and a generally healthy balance sheet. It is held back by volatile financial performance (including a sizable latest annual loss and uneven cash flow) and weak/neutral technical momentum (negative MACD and very low stochastic).

Positive Factors

Healthy balance sheet / low leverage

Moderate leverage (D/E ~0.31) and a substantial equity base give DBAN durable financial flexibility to support new investments, withstand market stress, and finance value-adding follow-on capital for portfolio firms. That structural strength underpins long-term fund operations and liquidity planning.

Positive trailing cash generation

TTM positive operating and free cash flow that modestly exceed net income indicate reasonable earnings quality and cash conversion over the trailing period. Sustained cash generation supports recurring management fee coverage, distributions, and reinvestment capacity across fund cycles.

Resilient fee-based private equity model

A business model built on management fees plus carried interest creates recurring revenue from committed capital while enabling outsized upside on successful exits. Active operational support to mid-market DACH firms strengthens deal sourcing and long-term value creation capabilities for fee and performance sustainability.

Negative Factors

Volatile profitability and recent sizable loss

Meaningful cyclicality in earnings and a sizable 2025 loss reduce predictability of performance fees and dividend distributions. Persistent profitability volatility complicates capital planning, investor returns forecasting, and could limit ability to scale fee-related revenue during weaker exit markets.

Uneven cash flow; negative latest annual cash flow

A recent annual period with negative operating and free cash flow demonstrates variability in cash conversion. This unevenness threatens the reliability of cash available for distributions, fees and reinvestment, and raises funding pressure during extended weak exit or capital-return cycles.

Sharp revenue and EPS declines

Steep recent declines in revenue and EPS point to material near-term deterioration in the fee base or investment realizations. Sustained declines hinder management fee growth, reduce carried‑interest prospects, and limit the firm's ability to generate stable long-term distributable cash flows.

Deutsche Beteiligungs Business Overview & Revenue Model

Company Description

Deutsche Beteiligungs AG is a private equity firm specializing in direct and fund of fund investments. Within direct investments the firm specializes in expansion capital, management buyout, middle market, growth capital, add-on acquisitions, bridge financing, management buy-ins for experienced executives, corporate spin-offs, succession arrangements and generational transition in a family-owned business, small and medium-sized companies and pre-IPO stage investments. Within fund of fund investments the firm invests in private equity funds. It does not invest in start-up and early stage companies. The firm prefers to invest in automotive suppliers, industrial, mechanical and plant engineering, businesses develop, building supplier, measurement and automation technology, specialty chemical, support service providers, printing, media, broadband/telecommunication, IT services/software, healthcare and packaging sectors. It also prefer to invest in manufacture industrial components for very different customer sectors, produced machines and plants for various customer sectors, industrial support services, and logistics. It have accessed business models and invested very successfully in other sectors as well. The firm primarily seeks to invest in companies headquartered or having significant business relationships in Germany Mittelstand, DACH (Austria, Switzerland and Germany) France, Netherlands, United States of America, European neighboring countries, and in German speaking European countries. Within European Emerging Markets, it prefers to invest in Czech Republic, Hungary, Poland, and Slovakia. The firm typically invests between €10 million ($11.07 million) and €75 million ($105.61 million) in companies with revenues between €30 million ($55.33 million) and €500 million ($704.12 million) and enterprise value between €35 million ($35.26 million) and €300 million ($422.47 million), but may also consider investments in smaller companies or participating in larger transactions. In individual instances, it also prefers structure transactions, in which the enterprise value exceeds this range and which require equity capital investments of up to €200 million ($235.19 million). It can also co-invest with other firms. The firm seeks to take majority or minority stakes in its portfolio companies. It prefers to invest in split-offs of peripheral activities from large corporations, a sale from the portfolio of another financial investor, and a capital requirement to fund a company's growth. The firm seeks to take seats on the portfolio companies' advisory councils or supervisory boards. It typically holds its investment for a period of eight years. Deutsche Beteiligungs AG was founded in 1965 and is based in Frankfurt am Main, Germany and additional offices in milan, Italy.

How the Company Makes Money

Deutsche Beteiligungs generates revenue primarily through management fees and performance fees associated with its private equity funds. The company raises capital from institutional investors, which is then invested in selected portfolio companies. Revenue is derived from management fees based on the committed capital and performance fees that are contingent on achieving certain return benchmarks (carried interest) from successful exits of investments. Additionally, DBAN may receive advisory fees related to its investment activities and strategic consulting services provided to its portfolio companies. The company's earnings are significantly influenced by the performance of its investments, the overall market conditions, and the success of its partnerships with portfolio companies and co-investors.

Deutsche Beteiligungs Financial Statement Overview

Summary

Overall fundamentals are mixed: the balance sheet is relatively solid (moderate leverage with debt-to-equity ~0.31) and TTM earnings/cash flow are positive, but profitability is volatile with weak/negative recent margins and a sizable loss in the latest annual period (2025).

Income Statement

Profitability and growth are volatile. TTM (Trailing-Twelve-Months) revenue rebounded sharply versus the prior annual period, and TTM net income is positive, but margins are weak/negative in the most recent periods shown and the latest annual report (2025) posted a sizable loss. Longer-term results include very strong profitability in 2021–2024, highlighting meaningful cyclicality in earnings power.

Balance Sheet

The balance sheet looks generally healthy with moderate leverage: debt-to-equity is ~0.31 in TTM (Trailing-Twelve-Months) and equity remains substantial relative to assets. That said, leverage has risen versus 2021–2024 levels and returns on equity are currently negative, indicating recent profitability pressure despite a still-solid capital base.

Cash Flow

Cash generation is mixed. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are positive and slightly exceed net income, which supports earnings quality. However, the latest annual period (2025) showed negative operating and free cash flow, and free cash flow growth is sharply negative, pointing to uneven conversion and higher variability in cash outcomes.

Breakdown	Dec 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	32.84M	114.07M	160.76M	-52.56M	224.62M
Gross Profit	-49.19M	107.77M	157.44M	-53.69M	223.13M
EBITDA	-26.34M	55.46M	110.62M	-94.44M	186.94M
Net Income	24.70M	47.51M	105.78M	-97.56M	185.13M
Balance Sheet
Total Assets	922.97M	913.69M	708.27M	646.41M	734.95M
Cash, Cash Equivalents and Short-Term Investments	40.75M	23.97M	20.02M	19.16M	37.74M
Total Debt	230.09M	139.00M	13.14M	42.45M	4.10M
Total Liabilities	283.31M	225.33M	38.89M	66.95M	36.19M
Stockholders Equity	639.67M	688.36M	669.38M	579.46M	698.76M
Cash Flow
Free Cash Flow	-18.56M	12.33M	8.60M	28.66M	-7.73M
Operating Cash Flow	-17.82M	13.04M	9.35M	29.54M	-7.64M
Investing Cash Flow	-3.71M	-104.45M	48.67M	-57.67M	-47.00M
Financing Cash Flow	12.89M	95.35M	-57.16M	9.56M	74.00M

Deutsche Beteiligungs Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 24.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DBAN, the sentiment is Negative. The current price of 24.5 is below the 20-day moving average (MA) of 24.82, below the 50-day MA of 25.14, and below the 200-day MA of 24.72, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 43.62 is Neutral, neither overbought nor oversold. The STOCH value of 37.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:DBAN.

Deutsche Beteiligungs Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPCK	73 Outperform	€169.55M	4.34	13.05%	5.53%	1.42%	8.56%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
B7E	63 Neutral	€79.41M	2.93	20.85%	3.71%	-29.22%	―
MUX	61 Neutral	€596.72M	0.68	4.72%	6.77%	14.56%	―
DBAN	60 Neutral	€460.72M	6.87	3.88%	4.99%	-17.47%	76.28%
BKHT	50 Neutral	€177.33M	16.14	-30.34%	1.41%	8.80%	-1561.66%
A7A	48 Neutral	€127.97M	0.71	95.29%	―	―	―